Jin Rong Jie·2025-12-16 15:19Core Viewpoint - Zhihu, a leading online content community in China, is experiencing a decline in revenue while showing significant growth in net profit, indicating a shift in its financial dynamics and operational focus [1][2]. Financial Performance - As of September 30, 2025, Zhihu reported total revenue of 2.105 billion RMB, a year-on-year decrease of 23.15% [1]. - The net profit attributable to the parent company was 15.733 million RMB, reflecting a year-on-year increase of 106.1% [1]. Company Overview - Zhihu has evolved from a Q&A platform to one of China's largest integrated online content communities since its launch in 2010 [1][2]. - The company is dual-listed on the New York Stock Exchange (NYSE: ZH) and the Hong Kong Stock Exchange (HKEX: 2390) [1]. Business Model and Strategy - The company focuses on expanding content and services to meet the diverse needs of users, content creators, and business partners [2]. - Zhihu aims to create a balanced ecosystem between content creation and consumption, fostering user engagement and community interaction [3]. Community and Content Ecosystem - The company emphasizes a content-centric business model that enhances user experience and community governance, reinforcing its brand and community culture [3]. - Zhihu has developed diversified monetization channels, including marketing services, paid memberships, and vocational training, contributing to its leadership position in the industry [3].